Real Estate Investment Trusts (REIT)A REIT is a company that invests in real estate and distributes its income to shareholders e.g SkyeShelter REIT, UNHOMES/GMA REIT.

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Bro, to be candid, I do not worry about the land charges of lagos state. you just pass it on ...

ogun state is a different game due 'maturity of the re market'

It is true that cost can be passed down to tenants in Lagos. Ogun will not put infrastructure in place and they will be using the value obtainable to determine the prices of their land.

Riverview Estate was sold for about 1 million naira about 8 years ago, this was a lot of money for the place at that time. In 2009 or there about, subscribers were told to pay another 4.5 million Naira. if not not the government will return the money paid in 2004.
They did this because land at Omole phase 2 was selling for around 10 million Naira.

Ogun wanted more money for a land already sold, even-though they failed to put facilities in their estates.

It is true that cost can be passed down to tenants in Lagos. Ogun will not put infrastructure in place and they will be using the value obtainable to determine the prices of their land.

Riverview Estate was sold for about 1 million naira about 8 years ago, this was a lot of money for the place at that time. In 2009 or there about, subscribers were told to pay another 4.5 million Naira. if not not the government will return the money paid in 2004.
They did this because land at Omole phase 2 was selling for around 10 million Naira.

Ogun wanted more money for a land already sold, even-though they failed to put facilities in their estates.

(To the part in bold) See office!

Was there no contract signed before payment for the house? Na the thing wey dey tire me for this country. Contract signed by you in one govt. will not be valid when the govt. changes.

__________________For every buyer there is a seller, and the future will prove one of them to have made a mistake.

Was there no contract signed before payment for the house? Na the thing wey dey tire me for this country. Contract signed by you in one govt. will not be valid when the govt. changes.

My broda, it seems you are not conversant with how government and politicians operate. The money was paid into the governments bank account. The additional money were termed development levy, infrastructural dues etc.

This what the officer in charge said in yesterday's punch newspaper

On the allegation of neglect by Riverview estate residents against Ogun State Government, especially on the non-provision of the needed infrastructure, despite paying charges for the provision of certain facilities, such as drainage and roads, the DG said government has many things seeking its attention than the issues at the estates

My broda, it seems you are not conversant with how government and politicians operate. The money was paid into the governments bank account. The additional money were termed development levy, infrastructural dues etc.

This what the officer in charge said in yesterday's punch newspaper

On the allegation of neglect by Riverview estate residents against Ogun State Government, especially on the non-provision of the needed infrastructure, despite paying charges for the provision of certain facilities, such as drainage and roads, the DG said government has many things seeking its attention than the issues at the estates

When you buy anything from government they don't see you as a customers. they believe they are doing you a favour buy selling land, house or anything to you.
Customer service is zero in government establishments, that is why most government organisations can not stand competitions in the market place.

My broda, it seems you are not conversant with how government and politicians operate. The money was paid into the governments bank account. The additional money were termed development levy, infrastructural dues etc.

This what the officer in charge said in yesterday's punch newspaper

On the allegation of neglect by Riverview estate residents against Ogun State Government, especially on the non-provision of the needed infrastructure, despite paying charges for the provision of certain facilities, such as drainage and roads, the DG said government has many things seeking its attention than the issues at the estates

The whole real estate thing here is just fraud!Imagine if you take your building plans for approval and you pay like 150K, a receipt will be given to you carrying just 45K. Where did the other 105K go to? Unreceipted ''facilitation'' fee.

Later some group of people will bounce out and come checking your plan. When they see it, they will say you did local government approval and not state level approval. And another ''office'' will follow. they will start singing contravention of the building laws of the state.

Omo, let the country sit down and draft general and unified procedures for land and building acquistions.

__________________For every buyer there is a seller, and the future will prove one of them to have made a mistake.

The whole real estate thing here is just fraud!Imagine if you take your building plans for approval and you pay like 150K, a receipt will be given to you carrying just 45K. Where did the other 105K go to? Unreceipted ''facilitation'' fee.

Later some group of people will bounce out and come checking your plan. When they see it, they will say you did local government approval and not state level approval. And another ''office'' will follow. they will start singing contravention of the building laws of the state.

Omo, let the country sit down and draft general and unified procedures for land and building acquistions.

I agree with you. There should be a real estate stakeholder forum, that will be made up of, civil servants, politicians, real estate investors, financiers, mortgage banks, Architects, Lawyers, Surveyors, Urban and regional planners. So that we can chart a course for solving the housing and real estate investment problems in Nigeria.

The whole real estate thing here is just fraud!Imagine if you take your building plans for approval and you pay like 150K, a receipt will be given to you carrying just 45K. Where did the other 105K go to? Unreceipted ''facilitation'' fee.

Later some group of people will bounce out and come checking your plan. When they see it, they will say you did local government approval and not state level approval. And another ''office'' will follow. they will start singing contravention of the building laws of the state.

Omo, let the country sit down and draft general and unified procedures for land and building acquistions.

That is why you see clerks with High School diploma working in Land department living big, building houses and using exotic cars.

I agree with you. There should be a real estate stakeholder forum, that will comprise, civil servants, politicians, real estate investors, financiers, mortgage banks, Architects, Lawyers, Surveyors, Urban and regional planners. So that we can chart a course for solving the housing and real estate investment problems in Nigeria.

And the main point should be giving national title deeds within one day! How can you buy a land and there is nothing from govt. Just the agreement between you(the buyer), the landlord(seller) and the Lawyer. Where is govt. in this arrangement? After 4 years, then you get a paper from the govt.!!!!

__________________For every buyer there is a seller, and the future will prove one of them to have made a mistake.

Amen to your prayers.
I think one should start from where your money can play, from that you can start retaining your profit up to a stage where you can play in your preferred location.

Except for Politicians, drug barons, 419ners and people who got substantial inheritance, there is no one who started playing real estate in highbrow areas.

You start small until you develop the financial muscles to play high end real markets.

Bro. A BIG and erronous mistake - your generalization! I know a lot of people who made genuine money by dint of hard work coupled with divine favor and providence; in various sectors and then expand or change sector as need be. The stock market for example made many in the 2005 - 2008 boom.

NRC and related institutions are making many today too. And these are not into 419, drugs or any such abominable acts! This is still a land of opportunities. If you scratch deep you will see ...

And the main point should be giving national title deeds within one day! How can you buy a land and there is nothing from govt. Just the agreement between you(the buyer), the landlord(seller) and the Lawyer. Where is govt. in this arrangement? After 4 years, then you get a paper from the govt.!!!!

Some people are actually benefiting from the inefficiencies in the system. When the system is efficient, they will not be able to make their illegal money.
The governors also benefit from these inefficiencies, after all the person the approve and sign the certificate of occupancy is the governor.

Bro. A BIG and erronous mistake - your generalization! I know a lot of people who made genuine money by dint of hard work coupled with divine favor and providence; in various sectors and then expand or change sector as need be. The stock market for example made many in the 2005 - 2008 boom.

NRC and related institutions are making many today too. And these are not into 419, drugs or any such abominable acts! This is still a land of opportunities. If you scratch deep you will see ...

Bros, do you mean NCR where you are a director?

__________________For every buyer there is a seller, and the future will prove one of them to have made a mistake.